房地产上市公司多元化经营与企业绩效实证研究

发布时间：2018-02-06 01:00

本文关键词： 房地产行业多元化经营实证研究建议　出处：《山西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：当企业发展到一定程度，要想获取可持续的发展、更高的利润，往往会选择多元化战略。但是企业决定进行多元化经营成果是好是坏，目前还没有精确的定论。发展初期，在欧美等发达国家及地区，很多企业为了获得更高的利润，都争相进行多元化经营，但是实施了一段时间后，，多元化经营的弊端就显现出来了。于是，大量企业为了急于摆脱多元化经营带来的弊端，都开始进行大规模的业务剥离。1957年，美国著名企业战略管理学者H.Igor Ansoff发表了“多元化战略”一文，文中明确提出了企业多元化经营战略的内容，开启了企业多元化研究的新纪元。长久以来，很多中外研究者研究出了大量关于多元化经营的理论和实证文献，自从20世纪80年代以来，企业多元化经营实践的弊端开始逐渐暴露出来，引来更多学者的关注，学术界的大量学者们开始反思和检讨多元化经营的种种问题。房地产行业关系着国计民生，是我国的支柱产业。由于我国对房地产行业宏观调控的力度加大和受到次贷危机的影响，对我国房地产行业环境影响较大。我国房地产行业竞争日趋激烈和房地产投资的高风险性，越来越多的房地产公司实施了多元化战略，以提高自身的竞争力和在其他行业规避风险的目的。由于房地产行业的特殊性，房地产企业的多元化经营应该成为本文关注的问题。本文以我国房地产上市公司作为研究样本，以房地产企业多元化经营对企业绩效的影响作为研究对象，以这些公司2009年到2011年的财务报表为基础进行分析研究，对该行业营业总收入中各类收入的构成比例和相关财务数据进行研究分析并且整理进而得出结论。企业绩效运用净资产收益率、总资产收益率和每股收益三个财务指标进行衡量。在实证研究过程中，企业多元化程度的大小使用赫芬达尔指数来衡量。研究结果表明：多元化经营与绩效之间存在负相关关系，也就是说多元化经营程度越强，公司的效益反而越低；在各类房地产企业中，只发展核心业务的单一型房地产企业的绩效是最好的，进行专业化经营的房地产企业的绩效次之。通过对进行多元化经营的房地产企业进行比较可知：多元化经营的房地产企业的效益不如前两者的效益高，另外，进行相关多元化经营的企业的效益优于进行非相关多元化经营的企业的效益。在本文的最后章节中，根据前面的实证分析结果，提出对我国房地产企业多元化经营的建议。
[Abstract]:When the enterprise develops to a certain degree, in order to obtain the sustainable development, the higher profit, often will choose the diversification strategy, but the enterprise decides to carry on the diversification management result is good or bad. At present, there is no precise conclusion. In the early stage of development, in Europe and the United States and other developed countries and regions, many enterprises in order to obtain higher profits, are competing for diversification, but the implementation of a period of time. Therefore, a large number of enterprises are eager to get rid of the malpractice brought about by diversification, they all began to carry out large-scale business divestiture. 1957. H.Igor Ansoff, a famous American enterprise strategy management scholar, has published the article "diversification Strategy", in which the content of diversification strategy is clearly put forward. For a long time, many Chinese and foreign researchers have developed a large number of theoretical and empirical literature on diversification since 1980s. The malpractice of enterprise diversification began to be exposed gradually and attracted more scholars' attention. A large number of scholars in academic circles began to reflect on and review the various problems of diversification. The real estate industry relates to the national economy and the people's livelihood and is the pillar industry of our country. It has a great impact on the environment of the real estate industry in our country. The competition of the real estate industry in our country is becoming more and more intense and the high risk of the real estate investment, more and more real estate companies have implemented the diversification strategy. Because of the particularity of the real estate industry, the diversification of the real estate enterprise should become the problem that this article pays close attention to. This article takes the real estate listed company as the research sample, takes the real estate enterprise diversification to the enterprise performance influence as the research object. The analysis is based on the financial statements of these companies for the period from 2009 to 2011. This paper studies and analyzes the proportion of all kinds of income and related financial data in the total operating income of the industry and concludes that the performance of the enterprise applies the return on net assets. Total return on assets and earnings per share are measured. In the process of empirical research. The degree of diversification is measured by Hefendal index. The results show that there is a negative correlation between diversification and performance, that is, the stronger the degree of diversification. On the contrary, the efficiency of the company is lower; Among all kinds of real estate enterprises, the performance of a single real estate enterprise which only develops its core business is the best. Through the comparison of the real estate enterprises with diversified management, we can know that the benefits of the diversified real estate enterprises are not as high as the former two. In addition. The benefit of the related diversification enterprises is better than that of the non-related diversification enterprises. In the last chapter of this paper, according to the previous empirical analysis results. Put forward to our country real estate enterprise diversification management suggestion.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.3;F299.233.4

【引证文献】